Growing incidence of cancer will boost the genomics market, forecast to touch US$ 55 Bn by 2025 at a CAGR of 17%
Noida, Uttar Pradesh, India, March 11 2021 (Wiredrelease) Report Ocean Pvt Ltd –:Rising government funding to support genomics projects, the growing incidence of cancer and increasing scope for next-generation sequencing applications in cancer research, the entry of new players in the genomics market, and the ever-increasing application areas of genomics are primarily driving the demand and consumption. Considering the current scenario, the governments of various economies have made significant investments in genomic applications. These government investments have been expected to play a significant role in the development of new technologies. Following these promising developments, the Global Genomics Market is estimated to see healthy growth, pegged at a CAGR of around 17% throughout the forecast period 2020-2025.
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Applications of genomics in specialized/personalized drug
Growth in personalized drug demand worldwide is estimated to create lucrative opportunities for the companies operating in the genomics market. Various pharmaceutical companies have already increased the investment in personalized drug research. The personalized drug enables medical practitioners to identify the exact needs and then prescribe drugs and treatments accordingly. This approach guarantees better care outcomes. Moreover, it is also expected that gene therapy advancements can substitute traditional surgeries and drugs consuming patterns by enabling doctors to treat a disorder by implanting a gene into a patient’s cell.
Personalized medicine therapy use is rapidly growing as it offers cost savings, drug safety, early detection of diseases, patient compliance, and optimization of therapies. The arrival of DNA and gene microarray technologies worldwide has significantly revolutionized personalized drug consumption, making it possible to understand all genes’ expression in the human genome in a single experiment.
Research organizations and even big pharmaceutical companies are increasing their focus on precision medicine to develop new drugs, disease therapies, and clinical testing. In 2020, Chigene and MGI signed a cooperation agreement to enable breakthroughs in precision diagnosis using whole-genome sequencing. Under this agreement’s terms, the two companies will leverage their combined advantages in medical testing based on MGI’s gene sequencing platform, DNBSEQ-T7, and Chigene’s big data analysis & storage system to lead the whole-genome sequencing project.
In 2018, GlaxoSmithKline plc (UK) and 23andMe (US) signed up a four-year collaboration to use human genetics to guide drug development. It also invested USD 300 million in 23andMe as a part of the collaboration. In 2019, Thermo Fisher Scientific, Inc. (US) revealed the Oncomine Precision Assay, an innovative pan-cancer panel, for its Genexus platform to advance precision medicine in clinical settings.
Segmentation Overview of the Global Genomics Market
The genomics market is segmented based on Product & Service, Technology, Application, and End User. These major market segments are further categorized into various sub-segments to study the market in detail.
By Product & Service Outlook (Systems & Software, Consumables, Services)
By Technology Outlook (Sequencing, PCR, Nucleic Acid Extraction and Purification, Microarray, Others)
By Application Outlook (Drug Discovery and Development, Diagnostics, Agriculture and Animal Research, Others)
By End User (Hospitals & Clinics, Research Centers & Government Institutes, Pharmaceutical & Biotechnology, Others)
Key Players Insights
Thermo Fisher Scientific, Inc., Agilent Technologies, Beijing Genomics Institute (BGI), Bio-Rad Laboratories, Danaher Corporation, F. Hoffmann-La Roche Ltd., GE Healthcare, Illumina, Inc., Oxford Nanopore Technologies, Pacific Biosciences of California, Inc., QIAGEN NV, Quest Diagnostics, Myriad Genetics, Inc., Eppendorf AG, Eurofins Scientific, and 23andMe, Inc., among others, are the key players included in the global genomics market research study.
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